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Funding your GMAT school applications

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Manager
Manager
Status: Applying to Ph D programs
Affiliations: IIMB, advantages.us
Joined: 03 Jul 2013
Posts: 97
Location: India
Concentration: Finance, Economics
Schools: iim-bangalore - Class of 1994
GMAT 1: 750 Q59 V43
GPA: 3.12
WE: Research (Investment Banking)
Followers: 0

Kudos [?]: 12 [0], given: 36

Funding your GMAT school applications [#permalink] New post 12 Jul 2013, 07:44
guys , I have run into a funding problem, I need i think 16-20 schools to apply to and that means at $120 a pop including score reports, I need $2500 apart from the testing fees which I already have from the original source of funding. what happens now..I don th ave friends to peg nor I think thats a good idea. Who should e funding my application process and what would she/he expect in return?

Moderator if you think of a representative subject or forum that can address such, lease let me know as well
BSchool Forum Moderator
User avatar
Joined: 19 Oct 2012
Posts: 439
Location: United Kingdom
GMAT 1: 710 Q50 V36
GMAT 2: 740 Q48 V44
Followers: 13

Kudos [?]: 137 [0], given: 95

GMAT ToolKit User Premium Member
Re: Funding your GMAT school applications [#permalink] New post 12 Jul 2013, 09:00
No one in their right mind should apply to 16-20 schools... You are much better off picking 5-6 so that you can really do a good job

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_________________

*Updated 7th April*: Summing up my application experience: Lucky to be a Tuckie
Blog: http://domotron.wordpress.com

Elements of an MBA application series
GMAT (28/02) | Profile (11/03) | Networking / Research (01/04) | Recommendations | Essays / Online applications | Interview

My 710 (Q50, V36) Debrief + 740 (Q48, V44) Update:
http://gmatclub.com/forum/710-q50-v36-phew-i-m-done-with-the-gmat-probably-150067.html

Please share your profiles for this application season below:
http://gmatclub.com/forum/2014-profiles-w-admit-dings-results-no-discussion-162160.html

Intern
Intern
Joined: 04 Sep 2012
Posts: 40
Location: United States
Concentration: Finance, International Business
WE: Accounting (Entertainment and Sports)
Followers: 1

Kudos [?]: 8 [0], given: 1

Re: Funding your GMAT school applications [#permalink] New post 12 Jul 2013, 09:42
Man this is not law school where you apply to 20 schools.. Pick about 5 schools and you should be good

Sent from my Galaxy Nexus
MBA Admissions Consulting
User avatar
Joined: 18 Apr 2013
Posts: 452
Location: Chicago, IL
Followers: 8

Kudos [?]: 64 [0], given: 0

Re: Funding your GMAT school applications [#permalink] New post 12 Jul 2013, 13:09
Expert's post
I'm going to repeat what the other posters have mentioned because it bears repeating. Do not apply to 16 - 20 schools. Even for applicants where we see lower chances but a high need for conversion, we tend to cap recommendations at 8.

I don't know your profile but the other posters are right - 5 - 6 on average is fine for the average applicant.

To your second point - it is not at all common for others to fund your applications. Nor will they do so - there is no return in it for them unless you were to crowd source your education itself (this is actually a thing but that's not for this thread).

If you're concerned about the ~$200 application fees, you should have a long think about how you'd finance the actual program. Loans are, of course, options but you should be able to fund part of the program yourself.

Bhavik
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Intern
Intern
Joined: 04 Sep 2012
Posts: 40
Location: United States
Concentration: Finance, International Business
WE: Accounting (Entertainment and Sports)
Followers: 1

Kudos [?]: 8 [0], given: 1

Re: Funding your GMAT school applications [#permalink] New post 13 Jul 2013, 08:02
I can only imagine having to ask 3 people to write 16 to 20 recommendations LOL! I had a hard enough time getting my boss to write 4 I couldn't imagine having him writing 16!

Not to mention that each school require on average 3 essays.. Imagine you writing about 40 to 50 different essays? lol! Impossible

Sent from my Galaxy Nexus
Manager
Manager
Status: Applying to Ph D programs
Affiliations: IIMB, advantages.us
Joined: 03 Jul 2013
Posts: 97
Location: India
Concentration: Finance, Economics
Schools: iim-bangalore - Class of 1994
GMAT 1: 750 Q59 V43
GPA: 3.12
WE: Research (Investment Banking)
Followers: 0

Kudos [?]: 12 [0], given: 36

Re: Funding your GMAT school applications [#permalink] New post 14 Jul 2013, 02:31
firstly, i am applying for a Ph D, so please do not use my example for your study. Secondly, my research shws that you cannot assume your chances anywhere or convert even if you select only your 1 in 3 or best chances esp if you apply to only 5 or 6 schools, No one in their right mind would conduct such an exercise as a hoby only with 5-6 applications and a serious top school applicant who is academically he est also should not apply to less than 10. Take it from me, i have both research and experience in the subject. Also, I am an international applicant and would not have the luxe of visits and face to face interviews and i am returning to academics after a long time but those eigenvalues can get easily accounted for in any and every aplication overall.
Current Student
Status: Yale! (whipped and bound)
Joined: 02 May 2012
Posts: 403
Location: United States (CA)
Concentration: Nonprofit
GMAT 1: 730 Q48 V42
GPA: 3.41
Followers: 5

Kudos [?]: 130 [0], given: 78

Premium Member
Re: Funding your GMAT school applications [#permalink] New post 14 Jul 2013, 03:55
Major problems:

1) A Q59 is quite an impressive, albeit impossible score.
2) Application costs are high, but they are possibly even higher than you've predicted since I'm sure some schools will want to do interviews.
3) Banks will give loans for anything if you can convince them you're good for it. But I can't imagine anyone "expecting" anything in return other than their money back, and in the case of banks, interest.
4) PhD programs are even more competitive than MBA programs, so I agree that you can and should apply for more. The applications are probably more generic. That said, you're in for a tough year...
_________________

Blogging about the MBA application process. Because I need to do something with all this bschool energy.
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Yale School of Management MBA Candidate, 2015.

Intern
Intern
Joined: 13 Oct 2012
Posts: 12
Followers: 0

Kudos [?]: 1 [0], given: 1

Reviews Badge
Re: Funding your GMAT school applications [#permalink] New post 14 Jul 2013, 08:17
My friend, it's not only the money issue, you won't have time to prepare so many applications... it's a lot of work.
Re: Funding your GMAT school applications   [#permalink] 14 Jul 2013, 08:17
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